The Background:
John, 55, has built a law practice with 20 employees after starting out as a sole practitioner. His annual income is around $1 million. He and his wife are empty nesters, as their two children are young professionals on their own.
John wants to get prepared for retirement, during which he wants to travel with his wife; spend time with their grandchildren; and enjoy hobbies such as boating, golf, fishing, and tennis. He also wants to help fund their grandkids’ education, as well as give back to their church and several charitable organizations. In general, he wants to relax, enjoy life more, and know that everything will be okay.
The Challenges:
Not knowing where to begin
Having a vague idea of where he wants to be, but no idea how to get there
Setting up systems to get and keep him on track to achieve his vision
Making sure the transition to and through retirement is as tax-efficient as possible
Our Summary:
We gave clarity to John’s vision, identifying where he is now and developing a plan to guide him on what we need to do along the way to achieve his goals. As those goals change, or the environment changes, we change with it. We don’t just set up the plan and “wake up” 10 years later; we adjust as life moves on — tweaking and improving our chances of success.
We ask a lot of questions. If he’s giving to charity or funding educational expenses, is he using the proper vehicles? Are the insurance policies he has designed for this stage of his life? Is his tax planning on point? Do we need to look at enhanced retirement plan funding or 401(k) investment optimization? What about spousal income protection strategies? Basically, we serve as John’s financial concierge — taking care of him so he can live his best possible life — working in conjunction with his CPA and attorney as necessary.
